Topic: Buy the DIP, and HODL! - page 149. (Read 131241 times)

I put it to you that you don't really know what you are talking about, everything in this life is risky both investment and whatever. so bitcoin is not exception from them. I prefer risking a potential asset like bitcoin than risking on some gambling shitcoin. You have made alot of points as regard to bitcoin but I see it a little bit problematic
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1) you said do we know that bitcoin is risky? Answer, yes bitcoin is risky but also profitable do to its volatility.
2) you said we shouldn't put our eggs in one basket? Yes we shouldn't do so, but but for me investing in bitcoin should be a major priority of investment that we should consider before talking about diversification.
3) you said we should invest in lung term but not to invest for our future children? I think our investment in bitcoin is kept as a store of value for retirement and also an asset kept for our future generation just like other physical asset are kept for the future. so if  our hairs decides not to continue our legacy to continue with bitcoin investment, they can use the accumulated bitcoin for whatever they chose to invest. we have discussed that we should not force our children to invest in bitcoin.
4) you said no body know if bitcoin will fade away one day so we make it a side hustle? it's depends on your choice or where you hear your speculation from, because as far as I know bitcoin will last more than 100 years. we have total of 21million bitcoin in existence 1.5million is left to mine. according to research the last block to be mine in bitcoin will take place in the year 2140 that is 116years from now. so I can tell you that bitcoin can last more than your speculation. for the side hustle, it depends on you but I will tell you that bitcoin is a major asset to recon on. if Michael J Saylor and somany business tycon can use bitcoin as a major asset investment why will I use it as a side hustle. and moreover when saying bitcoin should be used as a side hustle you make it look thus like a short term profit mechanism while it's a long term asset.

although it depends on how you think or feel about bitcoin. yes bitcoin may fall to even zero but there are many prove to why bitcoin may not fall to zero no matter the speculation. and I have strong believe and prove that bitcoin will not fall so soon and I have proven a little bit to you in the last explanation in no 4 of my reply. and another thing there is that the dip in price of bitcoin is not a bad signal or sign of bitcoin but an  advantage to HODLers to capitalise to still accumulate more and not seeing a different picture.

Bitcoin will keep increasing in value if there are more people chasing after it and that means more liquidity flowing into the market. With Trump publicly supporting bitcoin it means that some influencal people around the world will start developing interest/confidence in bitcoin and they will try to invest in it. If Trump should win the US election and he keeps his words by making the United States bitcoin friendly for miners and investors and make policies that will favour bitcoin, this will no doubt make bitcoin appreciate more in value, because other nations will want to follow that path. And this will help in wide spread and mass adoption of bitcoin. Even though Trump on his own cannot decide where bitcoin price will be, but his actions will bring more people in and when more people comes into bitcoin investment it will only result to more demand for bitcoin, and when the demand is higher and supply is limited you know what will happen to bitcoin price right? So political events plays certain roles that influences bitcoin prices either upward or downward.

I wish I can lay hands on a post that suggest that the way to becoming rich is to master one skill (can be a business, product, act, practice etc) and be efficient in it. The emphasis is on one skill and if you study the rich people of the world, most of them became rich through one product and are known for such product. Just take a mental picture of this, you will understand better. In my state, the richest man in one of the neighborhood deals on umbrella. He is richer than people in oil and gas and even politics but no one could imagine that an umbrella dealer who ship in several containers of umbrella could be that rich. What I'm saying in essence is that people should start focusing on bitcoin instead of this diversification of a thing that can turn out to be a big distraction.

Bitcoin is enough for us here, if we master the act of buying and holding, we might be building wealth that we will be remembered for by generations to come. Imagine when bitcoin hit $1 million, how many people would have been made. It may seem impossible but it will happen, just that no one know when.

@Zack5000 I think you misunderstood EluguHcman
narratives as his explanations was not in any way suggesting or generalizing cryptocurrency in terms of Bitcoin and other coins perhaps he also made use of Bitcoin in his narrative as to adding meaning to his narration and I don't think there is any problem with that in as much as it is a Bitcoin thread his reference was very clear and understandable, the only problem I have with EluguHcman post is that he prioritized buying at the dip whereas the DCA strategy allows you to buy at all times irrespective of the market condition.

Hey we ain't talking about cryptocurrency or any form of shit coins here as our major discussions here is strictly Bitcoin related so if you want to talk about some pump and dump coin, you channel your energy to the alternative cryptocurrency discussion sections however, I don't know the coin the YouTuber bought but if it was bitcoin that he bought at a DIP price and it DIPs even further, it's not for him to panic because every DIP is an opportunity to buy more at a DIP price which is also an advantage to make more profits in the long run.

However, Bitcoin investment is not for the weak, faint hearted or emotional people so if you must invest in Bitcoin then you must do away with emotions especially when a DIP happens and from what I saw on the YouTube video the man is actually blaming his friend for persuading him to buy Bitcoin with the orientation that the price will increase after he has bought but the man bought and the price DIPs which is to say that if anyone wants to persuade people to invest in Bitcoin then they should be open and let them know about Bitcoins volatility, about the upwards and downwards price movements so that when the price is DIPPING they won't panic at all and begin to blame you. You should make them understand the need to have a long-term target and shouldn't worry about if the price skyrockets or Dips, they should be more interested in being consistent in their DCA and accumulate a whole lot of stash in their portfolio.

I don't even care to know the coin he invested in but if it's not Bitcoin then he should bear the brunt because if he don't have this experience it will be difficult for him to know that bitcoin is the only coin to invest on and have peace of mind. I have seen a lot of people make the mistakes of investing in altcoins and shitcoins and when it fails them they still run back to invest in Bitcoin so if things like this don't happen to people who buy coins that are not Bitcoin, it will be difficult for them to value Bitcoin and know that it is the only coin worth investing on.

You're right here. To the best of my knowledge, Bitcoin has been the best investment so far but it doesn't mean that there isn't any other investment that is successful in streamlining. Let's put aside the knowledge we have known so far in Bitcoin and be realistic as a layman here. When investing, normally, people want to diversify because they doubt that just investing in one thing alone for a long period is much risky. They figuring the positive and negative consequences that may occur. If the investment doesn't go out right what would be their faith for all those long periods?

In the real world, what truly increasing a persons net worth is an assets, not his income. And it is only the asset invested in that can make him wealthy including Bitcoin and other assets. If an investor wants to be rich and if his financial capability is stable then he needs to diversify into other assets not Bitcoin alone.

Well spoken mate and I love the quote. Do you know that it is logical if you have been accumulating and holding Bitcoin for several years (at least 5 years), yes the potential odds are there that they will make a good profit because Bitcoin is higher in price in the long term. And i have see people with the age of 50+ as mentioned taking super and greater risk in aggressiveness and diversification because time starts to get behind them and it freaks them out. Investment is all about risk if an investor chooses to diversify then it is worth it but if he believe more in Bitcoin he can invest in bitcoin more than any other asset.

Wonderful!

Lol well that's true the word cryptocurrencies is the general term use for digital currencies ( like bitcoin, altcoins etc.) So you mentioning cryptocurrencies kinda sound off , so better still you would have just make use of shitcoins and altcoins, because bitcoin is also under cryptocurrencies. So that those that are new to bitcoin will get the picture clearer .

But what you are saying is right most folks usually have the mindset that they can get rich quick by investing in some random shitcoins and somr may think that they are diversifying not knowing that they are only multiplying the risk in it . So inorder to avoid stories that touches ones heart just focus on building a better bitcoin stash .

Some new folks here might get confused trying to read down your explanation, did you know that cryptocurrency is a general name given to all the coin including Bitcoin and shitcoins? I almost got confused when reading it because you mentioned cryptocurrency how untrusted they are which means Bitcoin in included so try and give it a clear clearification so newbies will get full understanding of what you are actually talking about, if it is altcoins, shitcoins, or Bitcoin you specify the particular one you are talking about rather than generalizing it to cryptocurrency because Bitcoin is also part of cryptocurrency.

“Behold, the fool saith, "Put not all thine eggs in the one basket" - which is but a matter of saying, "Scatter your money and your attention"; but the wise man saith, "Pull all your eggs in the one basket and - WATCH THAT BASKET." - Pudd'nhead Wilson's Calendar”

Author ― Mark Twain, Pudd'nhead Wilson

Honestly, i think diversification has to do with one's financial level at every stage in life. If a bitcoin investor have enough money to diversify then he should do so, but prioritizing his Bitcoin investment should be a necessity. At some stage in life (especially to the grownups within the age of 50 and above) they might be more scared to diversify because it will be harder to recover if the investment does not turn out successful. They rather choose to protect their wealth, by so doing sticking to just one investment that has been working properly for them. But a young man in his 20s can choose to try other investments as long as he is capable of doing so if it doesn't go out well, he has more time to come back up. But I won't want to take that chance. Concentrating on one investment builds wealth and I have tried it and it worked. If I am to diversify then it is to protect that wealth but I will put in my money into a safer asset.

We are saying the same thing here only that you feel it is better to diversify when you have already gotten profits from your first investment (Bitcoin). You don't have to wait for you to receive your profits from your Bitcoin investment before diversifying buddy. Imagine you invested in Bitcoin for 5 years and made good profits and then you chose to diversify into other assets because you are looking for a better investment, what if you ended up investing in some other assets that will make you lose all you have gained from your Bitcoin investment? Like I said before you can diversify when you have gotten a lot of Bitcoin in your portfolio (at least you have met your target). And if you are diversifying out of your disposal income, perhaps 70% of your entire income. You can choose to allocate 15% or 20% into other assets and these percentages can be split into several assets.

In case you don't know there are several reasons why investors diversify, the most popular one is to mitigate risk. But what would be a better reason to diversify if not to protect your Bitcoin investment? It is a matter of choice but anything you are doing don't do something that ill harm your Bitcoin investment and don't use your profits from your Bitcoin investment to invest in other assets you do not know about. Instead keeping it for longer terms is better.

The fact that someone is a Bitcoin investor doesn't mean they can't diversify their investment to other portfolios, so far the funds in there and they've a acquired knowledge about a particular investment then they're good to go, Bitcoin is not the only good investment, there are still others that could yield good profit for people on the long run.

 However, I agree with you that Bitcoin is currently one of the best investment anyone could think of for long-term purpose, it has proved over time that it could yield great profit for people in the future so the best decision anyone could take is investing in their future through Bitcoin without any doubt about it. Also I think you'll be making the the best decision to accumulate as much as you can without any discouragement then you can diversify to other investment when you've made profit from it in future.

I agree with you that he was actually referring to diversification but we can only talk about diversification when your investment n Bitcoin has not yield any profit in the long-term, in such situation an investors may decide to try new things to know if they will be better than the existing one, although people can still diversify their investment when they have achieved a bulky portfolio or when they have attain a certain level of wealth but thats not always the case, investors are always looking at investments that add values with good potentials, am not against diversification but i somuch believe in Bitcoin and i think we shouldn't be skeptical about this digital wealth, for me am not diversifying anytime soon because I have not gotten a sufficient portfolio yet, for now my major concern is to keep accuamulating the little i can contimously without allowing any form of discouragement in my way.

There are something you don't understand, everything around us, (both the ones we see and the ones we don't see) are risky, so if one can risk his life and travel by flight for hours, then what is money that one can't risk?
The truth is there are risk we can take and ones we can't take, and it's for the person to make his/her choice, if you have other options for investment it's fine by you.
We don't have to put all eggs in one bag and it's not advised to keep one on altcoins/shitcoins because they are not like Bitcoin, and IMO they shitcoins/altcoins are behind Bitcoin so when Bitcoin raises they also follow and many of them can't sustain price fluctuations for long so they give up and those who put money of them will lose.
What makes you think so?
I have few questions for ya.

• Do you think that technology will stop becoming more advanced?
• Will the internet crash?

If your answers are no which means the technology of Bitcoin will probably not not fade away because Bitcoin is not controlled by anyone. If people can save fiat all their money on their bank account what makes us think we can't invest on Bitcoin? Truth be told that technology is also what's holding the world today and if anything happens to technology we can't also access the money in our fair Bank. And as technology can't fade away Bitcoin will not fade away.

The fantasy to Invest on cryptocurrency is to actualize profit but after being invested and the market made frowning of Dipping while you expected increases based on your investment goal, you can actually panic to sell when you do not trust the coin you invested in but if invested on Bitcoin, I bet keep hodling and buy more at the Dip and keep hodling will incline you a whale accumulator because after the Cons comes the Pros.

Here on YouTube an investor expresses aggressively of his coin Dipping and so he also buys at the Dip. He could not accept it any longer as it even fells that the more he buys is the more it Dips https://youtube.com/shorts/lcMcTwS_uZ8?si=E4xrSYJiILZRg2r-.

Literally I will not say he invested on the shitcoins as the coin was not specified but i think he did not understand the liquidation or reputabilities of the coin he Invested which caught his mind off of being disappointed.

But if he does understood the concepts of the coin probably not a good coin for long holding, then he would had sold out so that he does not go empty handed watching the coin Dipping probably it might go dumped but if invested on Bitcoin, come on as much you buy at the Dip and it keep Dipping and you are buying more and hodling, you are eventually getting in the whale house of huge accumulation.

I don't know why some people are thinking wrongly on what influences bitcoin price, how will someone think that because Trump was shot bitcoin price will dip, is bitcoin price in Trump's hand or has the power to control bitcoin. In the beginning when bitcoin was out in the market a lot of government kicked against it and went as far as Banning it because they feel it is in their power to control it and they wanted bitcoin to fade away.

Unknown to the government that they cannot control bitcoin because it is beyond their power, China was number one country who thought that they are God to bitcoin but bitcoin proved all of them wrong and she continue growing in adoption and in value.

Currently, these politicians have seen that bitcoin is here to stay because many people and institutions are showing high interest in bitcoin and that is why these so called politicians are now using bitcoin as a means to win the citizens heary to vote for them during their campaign. Imagine Biden that was against bitcoin all these while has changed and claims he loves bitcoin in his campaign.

Nothing the government have to impact on bitcoin price value, because whatever they do will not have any significant on bitcoin price. If you cannot beat them, you join them is what most governments are doing now on bitcoin.

With or without politicians support bitcoin still there, we see good developments happen on bitcoin even if lots of them avoid to support it. Its just some of them of them like El Salvador just see its potential. But there are other aspiring President just want to ride the hype since there main intention is to gather massive support to their voters.

People should not look at political events as a basis for their decisions to see if there's a price growth will happen to bitcoin. Also to crazy to see that past shooting incident where there are people discuss about if bitcoin price would go dump since Trump has been shot. Price development will always depends on the people who support also acquire it and not those official who's not really serious on their approach on bitcoin.

Perhaps what @Onyeeze failed to understand is that his theory of not having all the eggs in one bag shouldn't reflect on Bitcoin investment because I don't think there is any other investment more better than Bitcoin investment in my mind now in terms of diversification, however from his statement he seem to have been having a doubt about the future of the technology behind Bitcoin, however on the contrary instead of the technology to decline it will even improve the more as time goes by so he should remove his mindset about the technology because Bitcoin can never be affected anyway, so actually if this is the reason why he is having a double thought about Bitcoin investment I would suggest he start accumulating Bitcoin now because if he did not he will surely regret in the future.

Hahaha, do you think Trump has the power or influence?

Trump-supporting Bitcoin is not an assurance or the first step for Bitcoin to achieve the 100k price. One characteristic of Bitcoin is that it doesn't need political support to be successful. As an investor, I believe that I have come to know the factors that can influence the price which are mass adoption (demand and supply), advancement in technological development, regulatory enforcement, and other economic conditions but political promises/fallacies are not for me. Instead of focusing on political promises, investors should be more concerned about informed decisions, research, risk assessment, and engaging in Bitcoin discussions to improve their knowledge of Bitcoin which will help them with their investment.

What he meant is diversification into other assets. But in my own opinion, I will only advise an investor to diversify when he/she has a good Bitcoin portfolio because it doesn't make sense for one to have a small Bitcoin portfolio and choose to diversify into another more risky asset. I have never seen anyone get rich after diversifying by allocating a small amount into several asset. It is not about the volume of assets we have but the liquidity of that asset. Once we have attained a good level of Bitcoin in our profile we can shift to other assets we loved to and invest in them. Now our main focus is on Bitcoin as we have built a good standard entirely but we are diversifying to other assets to protect our investment so that we won't tap into our Bitcoin investment no matter what.

Brother, try to understand this concept here, politicians, especially those in power will mostly fight Bitcoin, you know why? Because the control they usually get from the fiat is not their when it comes to Bitcoin, and as government of most states is, they want everything to be under their control, which Bitcoin strongly contradict, due to it privacy.

But then,  it's a win win situation for we the general public because the privacy is what we have craved for in the fiat for long, but was not possible, so I believe that with time, in as much as they wouldn't accept the fact that Bitcoin is here to stay, they still wouldn't be able to do anything about it, because of how decentralized it is.

Exactly, there are some things that are not suppose to be disclose to public because of the mentality and mindset people have most especially people who will join or those new member I mean it can be harmful to them because already some people who don't understand how Bitcoin works take it to be scam till today so imagine someone like that join this forum and then come across statement like that, it will be like reminding the person initially what he take or see Bitcoin to be so in as much as we don't know how long Bitcoin will last, we shouldn't be making harmful and discouraging statement about it rather we should be positive about it or maybe think on how to accumulate more Bitcoin and hold them for long time. If there's any investment you shouldn't worried about after investing in it I think Bitcoin should be that investment provided everything concerning it is well observed.